nimajjya - of those who are submerging; unmajjatām - and rising again; ghore - in the horrible; bhava - of material life; abdhau - ocean; parama - supreme; ayanam - shelter; santaḥ - saintly devotees; brahma-vidaḥ - who understand the Absolute Truth; śāntāḥ - peaceful; nauḥ - a boat; dṛḍhā - strong; iva - just as; apsu - in the water; majjatām - for those who are drowning.

The devotees of the Lord, peacefully fixed in absolute knowledge, are the ultimate shelter for those who are repeatedly rising and falling within the fearful ocean of material life. Such devotees are just like a strong boat that comes to rescue persons who are at the point of drowning.